We analyze from an empirical point of view the evolution and determinants of Spanish regional public debt. Spain offers an interesting case study because of its high level of fiscal decentralization, implemented gradually during the past four decades, the parallel entry into force of a number of national fiscal rules in that period, and the heterogeneity of its regions, both in terms of economic fundamentals and some institutional features. Our main findings are the following: (i) on average, over the sample of study, regional governments’ fiscal policies reacted to public debt increase; (ii) fiscal rules played a limited role in controlling debt surges; (iii) a higher degree of regional fiscal coresponsibility tends to be linked to more subdued debt dynamics; (iv) market disciple has encouraged some fiscal restraint at the regional level; and (v) increases in public commercial debt have affected the standard debt.

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西班牙区域公共债务的制度和经济决定因素

我们从经验的角度分析西班牙区域公共债务的演变和决定因素。西班牙提供了一个有趣的案例研究，因为它在过去 40 年中逐步实施了高度的财政分权，在此期间许多国家财政规则同时生效，以及其地区的异质性，无论是在经济基本面和一些制度特征。我们的主要发现如下： (i) 平均而言，在研究样本中，地方政府的财政政策对公共债务增加做出了反应；(ii) 财政规则在控制债务激增方面发挥的作用有限；(iii) 更高程度的区域财政共同责任往往与更低迷的债务动态有关；(iv) 市场追随者鼓励区域层面的一些财政限制；